More than 3.0 million student loan borrowers have student loan debt greater than $100,000, with approximately 800,000 of that total holding student loan debt greater than $200,000. Sadly, many of them will be carrying the debt into their retirement if they don't learn how to manage and eliminate the debt.
How did it come to be that 6-figure loans are granted to people on a prayer and a promise? Most of these people have no track record, no credit history, no income, and no guarantee of an income sufficient to pay off the debt in the future. Is it predatory lending? The definition of "Predatory" is seeking to exploit or oppress others - with that in mind, it's predatory alright!
With the high cost of education, loans are a necessary evil these days. The average student loan debt is almost $47,000 and they're known to go as high as $1 million. The good news is that they payments are deferred until 6 months after graduation....the bad news is some students return to school for MORE education (and debt) when they're unable to secure a well-paying position sufficient to pay their student loan monthly payments...a job at the local Walmart or McDonald's doesn't cut it, that's for sure. So. the student loan debt tab gets bigger and bigger for some of the desperate ones.
It's bad enough that we so easily saddle students with debt they likely won't be able to pay off in their lifetime, but our young people are not being taught the value of money and the importance of living debt-free. How many of these young people are not able to put money into the economy the way their parents did by investing in new cars or new homes all because they're saddled with debt for their education.
If you're carrying student loan debt that could likely follow you into retirement, you need to know it doesn't have to be that way! There is a financial GPS system that can help you pay off in a fraction of the time (without extra payments, refinance, or credit check) so that you are free to begin building wealth.
Take action...win the lottery...or take your student loan debt with you to the nursing home. The choice is yours.